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Saudi Arabia says GCC firms keen to list on its SME market

Gulf companies in the process of appointing advisers to support their potential listings

By Reuters

Tue 14 Mar 2017 02:44 PM

Saudi Arabia's Capital Market Authority (CMA) has received enquiries from companies from the Gulf Cooperation Council considering listing on its new parallel market, Nomu, a senior executive said on Tuesday.

The companies were in the process of appointing advisers to support their potential listings, said Yarub Awadh Albadi, head of CMA's initial public offering unit.

The Nomu market, which launched on Feb. 26, is designed for small and medium sized businesses, requiring a market value of at least 10 million riyals ($2.67 million), minimum shareholder size of 35-50 shareholders, and an offering of at least 20 percent of its shares.